M. R. A. ANSARI, J.

( 1 ) SHRI Amba Prasad, his son Shri Shiv Shanker Lal, and his grand-son, Shri Bhawani Shanker. constituted a Hindu undivided family. This family owned a property called Amba Prasad Garden situated at Subzimandi, of the extent of 14,716 sq. yards and coataining a garden house which covered an area of 312 sq. yards. Amba Prasad died in 1950 and in 1953, the joint family was disrupted by a partition between Shri Shiv Shanker Lal, his wife, Smt. Krishana Devi, and his son, Shri Bhawani Shanker. Under this partition, the property known as Amba Prasad Garden was allotted to the share of Shri Shiv Shanker Lal (who will be hereinafter REFERRED TO to as the assessee ). On 25-6-1961 the assessee, his wife, his son and his daughter-in-law formed a company known as New Delhi Theatres Private Limited. The assessee, his wife and his son held 10 shares each and the assessee s daughter-in-law held 5 shares in this company. On 15-7-1961, the assessee sold 6,120 sq. yards of land out of Amba Prasad Garden along with the garden house situated therein to the company for Rs. 93. 450. 00. On 25-8-1961, the assessee sold 5,678 sq. yards from out of the remaining portion of the land t

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